LARSEN & TOUBRO IS ALL SET TO RAISE `6000 CRORE

FUND RAISING ON THE CARDS

Larsen & Toubro plans to raise about `6000 crore through non-convertible debentures for capital expenditure, equity infusion in subsidiaries and debt repayment in the current fiscal. The company will be seeking shareholders’ nod to raise the capital through debentures as stipulated in the Companies Act. Additionally, L&T will be seeking shareholder approval to raise USD 600 million (around `3,500 crore) through equity and hybrid instruments such as Qualified Institutional Placement (QIP), foreign currency convertible bonds and so on.

UNIFYING LICENSES

Telecom major Bharti Airtel has submitted its final application for new telecom permits, known as Unified Licences, in Delhi and Kolkata service areas. Airtel submitted application last month for UL in Delhi and Kolkata. Licences of Airtel in Delhi and Kolkata are expiring in November this year. A Unified Licence (UL) would be required to continue operations in each service area.

COMING UP: NEW AGE STORE
 
Leading textiles players Bombay Dyeing has plans to set up 50 new age stores with contemporary design and product specific displays during the current fiscal. Out of 50 new age stores the company that the company is planning to open by the end of the fiscal, they have already opened six such stores so far.

PERMISSION GRANTED?
 
India’s drug regulator is set to restore the export certificate for Ranbaxy Laboratories’ biggest ingredient facility at Toansa in Punjab. This will allow the embattled manufacturer to resume exporting medicines to European markets, which use raw materials made at the plant.

LAUNCHED TO VROOM
 
Mahindra & Mahindra (M&M) launched a special edition of its sports utility vehicle XUV500, priced at `13.68 lakh (exshowroom Mumbai). The special edition--XUV500 Sportz, which has been built upon the top end model of XUV500 comes with various external and internal features including rear-view camera and leather-fabric seats.

DIVERSIFYING AGAIN

Reliance Industries said its open offers to acquire a controlling stake in media group Network18 and its subsidiaries will begin on July 21. RIL proposes to acquire control over the media group through Independent Media Trust (IMT). The open offers will close on August 4, RIL said in a regulatory fi ling.

EXPANDING CAPACITY

 Titan sensing a huge growth potential in the market, plans to expand its manufacturing capacity and retail footprint across the country for its entire range of products, including watches, jewellery and prescription eyewear. The management has indicated that the company plans to invest over `250 crore this year in these projects. Of this, `150 crore will go for capacity expansion and the remaining will be spent on retail expansion.